During the third quarter of 1986, sales of apartment...

December 8, 1986|By LISA MOORE AND MICHAEL CANNON, Special to Weekly Business

During the third quarter of 1986, sales of apartment project sites in South Florida fell 13.3 percent from the same period in 1985. Statistics from a total survey of the market in Dade, Broward, and Palm Beach counties show that in this year`s third quarter, investors and builders bought $71.4 million in apartment sites. In the same three months last year, sales totaled $82.4 million.

So far this year, 1,752 acres of land suitable for rental or condominium projects have been sold in the three counties.

Broward County is the most active market in the area, accounting for more than 678 acres sold in the last nine months at an average price of $2.93 per square foot. The average price for an apartment site in Dade County is currently $6.45 per square foot and the average in Palm Beach County is $2.63.

Among the individual transactions were:

PALM BEACH COUNTY

-- Yamato Associates, with partner Dominick Alfieri, took title to 122.7 acres of land suitable for apartment or condominium projects in Boca Raton subdivision and Spanish River Woods subdivision. Boca Development Corp., led by William T. Lamson, sold the land for $19.16 million or $3.58 per square foot and took back a $13.35 million purchase money mortgage.

BROWARD COUNTY

-- A 13.75-acre apartment project site near Sample Road and Royal Palm Boulevard in Coral Springs has been sold to Coral Lake Partners, with principal Alan R. Marks. Leonard Blatt sold the property, as trustee, for $3.1 million or $5.18 per square foot. FCA American Mortgage Corp. extended a $12.87 million construction loan.

-- A 15.24-acre apartment site for Spring House apartments, a 300-unit apartment project site at Rock Island Road and Commercial Boulevard in Tamarac, has been sold to Tamarac Oxford Ltd., with general partners Hunter C. Bouree III and Oxford Equities Corp. Sabal Palms Golf Club Inc., led by Richard H. Stackhouse, sold the property for $2.44 million or $3.67 per square foot. Home Federal Savings of San Diego advanced a $15.8 million construction loan.

DADE COUNTY

-- Midway Point Associates Ltd., with general partner PNR Developers Inc., took title to a site for an 185-unit rental apartment project at NW Seventh Street and 82nd Avenue in unincorporated Dade County. PAS Developers Limited, led by Erelio Pena, sold the land for $4.6 million or $11.53 per square foot. The Housing Finance Authority of Dade County gave a $7.4 million construction loan.

-- Claughton Hotels Inc., led by Edward N. Claughton Jr., has sold a 4.31-acre apartment site at 301 Ocean Drive on Key Biscayne, which is currently improved with the Silver Sands Oceanfront Motel. VMS 1985-295 Limited, with partners Peter R. Morris and Robert D. Van Kampen, purchased the land only for $6.6 million or $35.15 per square foot. VMS Hotel Investment Trust extended a $9.0 million loan.